Finland Times

 

Photo AFP-Lehtikuva.

The tendency to impose trade-restricting measures remains strong around the world, fuelling continuing uncertainty in the world economy, the European Union (EU) said on Monday in a report.

     

In the 13 months covered by the annual report on potentially trade-restrictive measures, G20 members and other key EU trading partners adopted a total of 170 new trade-unfriendly measures.

     

"I regret to see that many countries still consider protectionism a valid policy tool ... Protectionism damages global value chains; trade openness is what we need if we are to keep the recovery going, especially in times of global economic and political instability," said Cecilia Malmstrom, the EU Trade Commissioner.

     

The report said that investors and service providers also continue to be affected by limitations in access to foreign markets. "the tendency to restrict participation of foreign companies in public tenders remains strong, in particular in the United States," the report said.